How to become a millionaire (when you don't come from money).

5 Things Self-Made Millionaires Did Every Day Before They Got Rich

How to become a millionaire (when you don't come from money).

Staff Writer

Many people have the dream of becoming a millionaire. Of course, it’s easy when you come from money, or have wealthy relations backing your investments and business plans. When you have the funds, it’s easy to buy a franchise, or start a business you’ve been dreaming about since you were young.

But most people don’t come from money. Even though the most difficult part of becoming a millionaire is getting started, that dream of becoming financially successful is not out of reach.

Here are five ways to become a millionaire when you don’t come from money:

1. Do what you love.

So where do you start? The truth is that there are so many subjects out there and so many ways of making a living and getting rich that you are free to pick and choose the industry you are going into.

Pick something that genuinely interests you. That way, you will be motivated to keep learning about this subject until you are a subject matter expert or an industry expert. Your passion can make you rich if you play your cards right.

2. Put education first.

Schooling and education are the best investment that you can make. You know that saying that even if you take away a millionaire’s house and his possessions, he’ll always be able to get them back? That saying implies that the millionaire has amassed knowledge in addition to wealth. Unlike material goods, education can never be taken away from you.

Once you’ve learned something, it’s in your arsenal and it’s yours forever. When you are getting started on your dream of becoming a millionaire, focus on learning. Don’t keep your eye on the money at first.

This may mean that you may have to intern or work for free when you are getting started, to get the knowledge you need, or to get your name out there. Also, keep an open mind to study abroad programs, and individual courses that will offer you a skill set that wasn’t offered with your standard course work.

Don’t think that you have to make big gains in the beginning. Focus on the long term.

3. Learn something everyday–for free.

Even if you don’t have a lot of money to sink into a formal education, you need to keep learning. How, you ask? The Internet is a wealth of knowledge. Once you weed through everything, you should be able to find some gems that have something to teach you online.

Use the Internet to read up on world news, and to use the online encyclopedia. Whenever you have a question, look it up, so that you have that knowledge for next time.

4. Share your knowledge.

Once you become a subject matter expert, do share your knowledge. Accept invitations to write columns or articles for websites, even if they can’t pay you. It will build your reputation. Write a guide and provide it for free. It will get your name out there.

You need to create a reputation for yourself so that you are known as an expert. Later on, people will be more willing to support your business.

5. Don’t wait–get out there.

In conclusion, you don’t need a lot of money to get started. Of course, it’s nice, and might get you to your goal faster. But with a little hard work, a passion for learning about a niche that you love, you can amass enough knowledge to make a name for yourself.

Like this column? Sign up to subscribe to email alerts and you’ll never miss a post.
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.

Read Next


Latest

Why Asking This 1 Question Will Get You a Job Much Faster

Hillary spent seven months in 2017 looking for a job. She didn't get any interviews. She was convinced there was something wrong with her. Her career confidence dwindled. I don't blame her for feeling this... (contd.)

How Bad PR Can Kill Your Business (and How to Avoid It)

In the age of social media, the speed at which bad news can spread makes it tough for businesses to manage a crisis. However, it's crucial that your organization have a set plan in place to... (contd.)

What Type of Entrepreneur Are You?

"We're almost there, hang in there with me.""It's worth one more shot. I can get another loan. I can make it happen.""If the next two meetings go well, we'll make it.""It wasn't... (contd.)

You Won’t Get Anywhere by Just Posting on Social Media

Why do so many business owners think that if you posting something on social media, people will flock to you, bang down your door, and buy everything you're selling? Build it (or post... (contd.)

Why Good Leaders Look To Share

The fastest way to accumulate things is to take, take, take. You have to fight for your share, and if you don't get it, someone else will, right?Wrong.This is the way bad... (contd.)
- Advertisement -
Join Our Daily Newsletter
Sign up to get all the business news and intelligence that matters straight to your mailbox.
Join Our Newsletter !
Like This Article? Subscribe To Our Newsletter To Receive More Of Them Straight In Your Inbox
Contact Us.
Your Name
Email
Message
     
Thank you for your interest in Inc. Arabia. Please leave your contact details below, and we'll be in touch with you very soon.
Like This Article? Subscribe To Our Newsletter To Receive More Of Them Straight In Your Inbox